Mutual fund sales jumped sharply in November, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports that overall net sales topped $4 billion in the month, more than double October’s total of $1.7 billion. November net sales were also notably higher than in the November 2012’s $2.65 billion.
Long-term fund net sales totalled $4.23 billion in November, and money market funds had net redemptions of $208.7 million during the month.
Balanced funds led the way with net sales totalling $3.63 billion in November, which is up notably from October’s total of $2.1 billion. Equity fund net sales also edged up to $1.3 billion in November, from $1.2 billion in October.
Bond funds remained in net redemptions, but they were much improved, coming in at $875.3 million for November; compared to net redemptions of $1.5 billion in the previous month.
Total mutual fund assets under management (AUM) finished up by 1.6% in November to $986.4 billion, compared to $971.2 billion in October.
The statistics are compiled by IFIC based on its own research and data from Investor Economics Inc.